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I agree with your assessments of both the 1st and 2nd generation Sequoias. That being said, I went and drove another Sequoia at another out-of-town dealer. I spent a great deal of time with the salesman and with the truck (this one was a black, Platinum, 4x4 version with what the salesman kept calling the special "Red Rock" leather - the leather color was much more of a brown tone than the tan leather....sort of had that Ford King Ranch or Audi brownish/red tint to it.....I thought it looked GREAT!) Bottom line: I could easily live a long time with this truck. It's quiet, refined, has MUCH more power than my LX, has ALL the gadgets, has all of the safety features, etc. The downside is that I'm concerned, even with the price, that there will soon be gobs of these things running around. Likewise, even with a sticker price of +/- $55K, every third or fourth car in my town is a Tahoe/Yukon/Suburban/Denali/Escalade/etc. By comparison, even though it is manufactured as a true off-road vehicle, the Land Cruiser / LX is still perceived as an expensive, high-end vehicle; accordingly, they're not on every corner. I think the Sequoia won't be seen in the same light (not for long, anyway), and they'll soon be everywhere (my prediction)........BTW, at least at the dealerships I visited, there are NO incentives and NO dealing going on. On a $58.5K sticker, they said they'd be willing to come off of it a maximum of $1K......said "these things are too rare for us to start discounting them"........yeah, until they churn out the next 100,000 or so of them!
For all of those reasons, I bought an '03 LX instead. I'm really reluctant to purchase new vehicles anyway (I agree with Dave Ramsey on almost everything), so by buying an updated "familiar" replacement, I saved nearly $30K, got virtually all of the safety features of the Sequoia, and retained some semblance of exclusivity (plus, I know the LX "fits" me, ergonomically, just right!)